Strong Price/Mix and Solid Performance in Developed Markets Flagship North America Market Continues to Outperform the Industry
- Net Revenues Declined 6% for the Quarter and 5% for the Full Year, which Included a Combined Unfavorable Impact from Foreign Currency and Structural Changes of 12% and 9%, Respectively
- Organic Revenues (Non-GAAP) Grew 6% for the Quarter and 3% for the Full Year
- Price/Mix Grew 6% for the Quarter and 3% for the Full Year
- Operating Margin Expanded More than 90 Basis Points for the Full Year and Comparable Currency Neutral Operating Margin (Non-GAAP) Expanded Nearly 140 Basis Points
- Fourth Quarter EPS of $0.13 and Comparable EPS (Non-GAAP) of $0.37
- Company Provides 2017 Financial Outlook
ATLANTA, Feb. 9, 2017 – The
"In addition to delivering our profit target for the full year, I am encouraged by the strategic actions taken during 2016 to strengthen our global bottling system. In the fourth quarter, we reached a definitive agreement to refranchise all Company-owned bottling operations in China, and we took important steps to further the evolution of
"We also recently made an important decision about the future leadership of The
- All references to growth rate percentages and share compare the results of the period to those of the prior year comparable period.
- All references to volume and volume percentage changes indicate unit case volume, unless otherwise noted. All volume percentage changes are computed based on average daily sales for the fourth quarter, unless otherwise noted, and are computed on a reported basis for the full year. "Unit case" means a unit of measurement equal to 24 eight-ounce servings of finished beverage. "Unit case volume" means the number of unit cases (or unit case equivalents) of Company beverages directly or indirectly sold by the Company and its bottling partners to customers.
- "Core business" represents the combined performance from the Europe, Middle East & Africa; Latin America; North America; Asia Pacific; and Corporate operating segments offset by intersegment eliminations.
- "Concentrate sales" represents the amount of concentrates, syrups, beverage bases, and powders sold by, or used in finished beverages sold by, the Company to its bottling partners or other customers. In the reconciliation of reported net revenues, "concentrate sales" represents the percent change in net revenues attributable to the increase (decrease) in concentrate sales volume for our geographic operating segments (expressed in equivalent unit cases) after considering the impact of structural changes. For our Bottling Investments operating segment, this represents the percent change in net revenues attributable to the increase (decrease) in unit case volume after considering the impact of structural changes. Our Bottling Investments operating segment reflects unit case volume growth for consolidated bottlers only.
- "Price, product, and geographic mix" represents the change in revenues caused by factors such as price changes, the mix of products and packages sold, and the mix of channels and geographic territories in which sales occurred.
- "Sparkling beverages" means NARTD beverages with carbonation, including carbonated energy drinks and waters.
- "Still beverages" means nonalcoholic beverages without carbonation, including noncarbonated waters, flavored waters and enhanced waters, juices and juice drinks, teas, coffees, sports drinks, dairy, and noncarbonated energy drinks.
- First quarter 2016 financial results were impacted by one less day and fourth quarter 2016 financial results were impacted by two additional days. Unit case volume results for the quarters are not impacted by the variance in days due to the average daily sales computation referenced above.
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